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2003 (10) TMI 259 - AT - Income TaxExtract: .......closed by the assessee. Even then their Lordships held that no penalty under Expln. 1 to s. 271(1)(c) could be imposed. The penalty levied was cancelled. We, therefore, hold that no case of concealment has been established. Penalty imposed in all the five years is cancelled. 28. In the result, all the five appeals filed by the assessee are allowed.
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